Your Post Bankruptcy Credit Report
One of the most important things you will notice about your post bankruptcy credit report is that there is a new entry for the bankruptcy filing that you did. Regardless of which chapter you filed, you will see this on your credit. There is also no way to remove the bankruptcy listing from your credit report for 10 years. While many feel that this is unfair, the major credit reporting agencies feel that businesses have the right to know about things such as bankruptcy when making a decision to extend a credit offer.
The main reason why your post bankruptcy credit report will include the bankruptcy as a mandatory requirement is because people would never voluntarily add the bankruptcy themselves. Since people will not add it themselves, the credit reporting agencies all receive the information directly from the courthouse. Because of the fact that bankruptcy is such a major financial move, it is required to be listed on your credit file.
There are other aspects that are also important on your post bankruptcy credit report. One of the biggest changes you may notice is that slowly the items you paid off will start showing as paid on your report. The companies have up to 60 days after the account has been pain to update the status. This means that it may take a while after your bankruptcy is settled before you see a difference in your accounts that show money owed on your post bankruptcy credit report.
However, one of the biggest differences you will notice is that your credit score will plummet. There is no way at all to avoid this; however, it is often disheartening to people to work so hard to get back into financial shape only to have their credit score drop quite so quickly. There is a good reason for the drop however, and that is because accounts that were once considered "old" are considered "new" again as they are updated. Therefore, as all of the accounts, you pay off update, then your credit score will take a huge hit for a while. Many people are shocked to see their post bankruptcy credit report looking worse than before the bankruptcy. However, once all of the accounts are updated, and some time has passed, the credit report usually looks much better. In order to achieve the best results, you can always dispute the accounts that have been paid, this will cause the information in your credit file to be updated much sooner than the 60 days that they are otherwise allowed. Realize that while immediately after bankruptcy it may seem as if your credit is never going to improve it will improve over time. There is no reason to stress over your post bankruptcy credit report. It will take months before you see any serious signs of improvement, however it will be worth taking a good look at you overall spending habits to make sure you are not overspending and heading towards a financial disaster yet again.
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